Binance rolls out new transaction tracking tool

Despite the approaching 10-year anniversary of cryptocurrency, skeptics have not yet exhausted their argument that this technology is nothing more than a digital money laundering tool. In an attempt to refute unfair accusations, the Binance exchange has joined the Chainalysis cryptocurrency study in order to preserve its transcontinental ecosystem.

The new partnership is a joint effort to combat "global cryptocurrency money laundering" and overcome barriers found at the "intersection of crypto assets, regulators and traditional financial institutions."

Binance, the leading cryptocurrency platform, has introduced a new product, Chainalysis KYT - an algorithmic "Know Your Transaction" software designed to identify questionable transactions. operations. Chainalysis claims that KYT today is the only such service on the cryptocurrency market that provides the ability to analyze transactions in real time. 

Chainalysis KYT software is built on algorithms and millions of open source links to monitor hundreds of cryptocurrency services to avoid transactions with tokens with a suspicious past.  

The new partnership is fully in line with the ambitious plans of Binance CEO Changpeng Zhao. In September, he announced his ambition to launch fiat-to-crypto exchanges on every continent, favoring a liberal regulatory environment that would make it easy for his ever-expanding team to operate.

Binance will now aim to launch with Chainalysis's full suite of tools, which are designed to help crypto companies and financial institutions comply with regulations. href="https://forknews.io/education/000178-regulyativnye-trebovaniya.html">AML & KYC and simplify the opening of bank accounts for companies accepting cryptocurrencies.